MUAMALAT VENTURES INTO ISLAMIC PREMIER BANKING
Islamic lender eyes 22pc in deposit from its wealth management business
ISLAMIC lender Bank Muamalat Malaysia Bhd, which has ventured into its first lslamic Premier Banking entity aimed at generating a new income stream, has set a deposit target of 22 per cent of its total wealth management business for its current financial year.
The move will also see the bank bringing in additional deposits worth RM40 million and extending its client base to another 250 high net-worth individuals in the current fiscal year ending March 31.
Chairman Tan Sri Munir Majid said Bank Muamalat was the first full-fledged domestic lslamic financial institution to provide premier banking facilities to its distinguished clients.
“The decision to participate in this niche market is based on the demand for ethical or syariahcompliant financial solutions from a growing affluent sector,” he said at the launch of Muamalat Beyond Premier Banking, here, yesterday.
Bank Muamalat was confident of fulfilling this market, which required lslamic products with socially responsible banking, he added.
Its vice-president and head of wealth management and premier banking Sarimah Bashah said since the new venture’s inception on May 15, the bank had secured about 25 clients, bringing in a total deposit of RM10.9 million.
She said the rising number of Muslims was the main segment focus.
“We also targeting non-Muslim customers who want syariahcompliant financial services,” she added.
Sarimah said there was no plan in the near future to add more premier banking branches.
“The proposal to open another premier banking branch is already in the pipeline, but it depends on our success reaching the target set until the end of March next year,” she added.